The Secret to Building a Strong Financial Future: Living Below Your Means
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I am someone who loves to spend money, enjoy my time, and eat a lot. I spend most of my money on food and have not really been living below my means. I have not been saving much because I have always felt that I should not deprive myself when I can take care of myself to some extent. I have always been giving some of my money out to help friends around without even putting much thought into my own financial stability, but now, I am coming to my senses.
I was hit by this quote: "Living below your current means increases your future means" while reading the book Atomic Habits by James Clear. He was talking about building a habit of doing something where having a reason to do something can be a motivation for taking action. This quote was used as an example or a word of motivation for having a habit of building finances.
As I thought about this quote, I started to wonder if I have really been living below my means. I took a closer look at my spending habits and realized how much I have been spending on eating out almost every day. Even though I know how to cook, I have completely avoided the kitchen and not used the fact that cooking myself can save money compared to eating out. Instead, I have prioritized my comfort over saving for the future.
Although I am not completely at zero in terms of savings, I can't help but imagine how much more financially stable I would be if I had developed a good saving culture and a habit of preserving and managing money. It's time for me to take a hard look at my expenses and see what can be cut out in order to make my future finances more secure.
One step towards building a more secure future is establishing an emergency fund. In the past, I have always relied on my Hive stake as an emergency fund, which has led to power downs during difficult times when I had no other source of financial support. It's time for me to start actively building up an emergency fund so that I am better prepared for any unexpected expenses or setbacks.
Overall, the quote "Living below your current means increases your future means" has really resonated with me and has motivated me to take control of my finances. I know that it won't be easy to change my spending habits, but I am determined to make the necessary changes in order to build a stronger financial foundation for myself. I am excited to see where this journey will take me and how much more financially secure I can become in the future.
WHO IS STARSTRINGS01
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Starstrings01, also known as Giftedhands, attends the Federal University of Agriculture in Abeokuta to study Mechatronics Engineering. He is a lover of the hive, a guitarist from Nigeria, and a student.
His ambition on Hive is to be more than just an ordinary blogger; he wants to be someone with a purpose. That's why he started the newbies initiative @newbies-hive to help guide and support newbies. Please follow the @newbies-hive curation trail by clicking here.
He tries to juggle education with being active on the chain, but his love and passion for Hive keep him on track..
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Fuck saving money on food, you should cook at home for the health benefits, not the money :D
I am kinda low maintanes and I dont use a lot of money in generel. Unless! When it comes to food or investment, but I will never reduce my money spent on food! But I do also always cook at home ^^
Yes oooo, I love this article, financial stability is very important, I was reading a book called the Richest man in babylon and a particular character said "feed your pocket,make your purse fat", financial independence is required in this Generation, and practicing a saving culture, investment culture, obtaining multiple streams of income are 3 sure ways to achieve that, this doesn't mean you won't give out or help others out capital No, you have to learn how to budget your money, for every single expenditure, thank you so much for this amazing post @starstrings01
Hmm... I like the way you think... Yeah having multiple streams of income is a way securing one self financially, investing. And a good budget on every expenditure.
I remember when I had enough cash two years ago. I had so much money as a teenage girl. Then I would spend it on clothes and bags, shoes, snacks and food.
I tried saving some in the bank but I will always end up at the POS everyday withdrawing money.
I didn't save, not even to think about the future.
But everything changed last year
I started saving and I wasn't having money coming in anymore, I was only depending on my salary. I would divide half, save and spend.
I ran into petty debts
But now I know better and I will never walk that path of eating into my future money
It's not really easy to safe, they end up saving you... Right now, do you have any income coming in for you asides Hive?
Not at all
It's basically hive now
I quit my job
Yes, saving money is a great principle; after all, you need money to earn money! Thanks for sharing this important advice. π
When it comes to food, keep in mind: higher quality and healthy food is itself an investment. Cheap, unhealthy foods, eaten over many years, will worsen health and increase healthcare costs. This becomes far more expensive in the long run. I see this far too frequently among my fellow Americans. If possible, do not fall into that trap!
The emergency fund is essential. Make sure that you have a few months' worth of expenses saved up in the currency that is most easily spent wherever you live. It may not be growing in value, but its only purpose is for emergencies, not for investing. It is a matter of luck to not have to use it.
There's this saying I coined saying
your savings will soon save you.And that's the truth, when we put on a savings culture, it turns back to save us in difficult situations.
It's good to know the quote you read hits you on the right spot and you're now willing to change the course of your spending wheel.
Certainly everyone wants life easier, so eating out is one of the ways to escape stress of the kitchen, but it's good to know you've now understand the importance of self prepared meal as an avenue to reduce costs and spending.
I wish you all the best.
Exactly! I don't like kitchen stress. One of the reasons why I eat out but I think it is something I need to be doing now in order to save a little more.
Retracing your steps won't be easy sometimes because the urge to prioritize your comfort will rise again and again.
I wish you the best in this decision you have made this new year.
Happy New Year @starstrings01
The quote really gave you a deeper thought about your lifestyle in terms of savings. Savings is very vital for both the future and for emergency funds. We can't deprive ourselves of some level of comfort but when we are still on the path of financial growth, it's nice we adopt means to curtail some expenses and save more either.
I wish you well in all your life endeavors Starππ€